Answered: Under accrual-basis accounting,sales…

Under accrual-basis accounting,sales made on credit are usually reported as: A.liabilities B.revenue C.a contra account to sales revenue D.cash from operating activities

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter9: Auditing The Revenue Cycle.

Section: Chapter Questions

Problem 2CYBK: In the revenue cycle, the most significant accounts typically include revenue and accounts...

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Question

Under accrual-basis accounting,sales made on credit are usually reported as:

A.liabilities

B.revenue

C.a contra account to sales revenue

D.cash from operating activities

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